Principal Financial Group Inc. Cuts Stake in BioMarin Pharmaceutical Inc. $BMRN

Principal Financial Group Inc. reduced its stake in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) by 3.0% during the third quarter, HoldingsChannel.com reports. The fund owned 438,744 shares of the biotechnology company’s stock after selling 13,638 shares during the quarter. Principal Financial Group Inc.’s holdings in BioMarin Pharmaceutical were worth $23,762,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in BMRN. Quent Capital LLC purchased a new stake in shares of BioMarin Pharmaceutical during the 3rd quarter valued at about $28,000. Hantz Financial Services Inc. raised its holdings in shares of BioMarin Pharmaceutical by 480.2% in the second quarter. Hantz Financial Services Inc. now owns 1,056 shares of the biotechnology company’s stock worth $58,000 after buying an additional 874 shares during the period. Employees Retirement System of Texas purchased a new stake in BioMarin Pharmaceutical in the second quarter worth $58,000. IFP Advisors Inc increased its stake in BioMarin Pharmaceutical by 1,382.2% in the 2nd quarter. IFP Advisors Inc now owns 1,749 shares of the biotechnology company’s stock worth $96,000 after buying an additional 1,631 shares during the period. Finally, True Wealth Design LLC increased its position in shares of BioMarin Pharmaceutical by 427.9% during the third quarter. True Wealth Design LLC now owns 1,985 shares of the biotechnology company’s stock worth $108,000 after acquiring an additional 1,609 shares during the period. Institutional investors own 98.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on BMRN. Truist Financial lifted their price objective on shares of BioMarin Pharmaceutical from $80.00 to $100.00 and gave the company a “buy” rating in a report on Tuesday, December 23rd. Sanford C. Bernstein lowered their target price on shares of BioMarin Pharmaceutical from $95.00 to $88.00 and set an “outperform” rating for the company in a research note on Monday, November 3rd. Canaccord Genuity Group raised BioMarin Pharmaceutical from a “hold” rating to a “buy” rating and upped their price target for the stock from $84.00 to $98.00 in a research report on Tuesday, January 20th. Royal Bank Of Canada reiterated a “sector perform” rating and set a $66.00 price objective on shares of BioMarin Pharmaceutical in a report on Tuesday, October 28th. Finally, Wall Street Zen downgraded BioMarin Pharmaceutical from a “buy” rating to a “hold” rating in a research note on Saturday, November 1st. Seventeen research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $88.29.

BioMarin Pharmaceutical Stock Performance

Shares of NASDAQ BMRN opened at $58.13 on Friday. The stock has a market cap of $11.17 billion, a price-to-earnings ratio of 21.85, a PEG ratio of 0.64 and a beta of 0.26. The company has a 50 day simple moving average of $56.71 and a two-hundred day simple moving average of $55.95. BioMarin Pharmaceutical Inc. has a 12 month low of $50.76 and a 12 month high of $73.51. The company has a current ratio of 4.83, a quick ratio of 3.10 and a debt-to-equity ratio of 0.10.

BioMarin Pharmaceutical Company Profile

BioMarin Pharmaceutical Inc is a biopharmaceutical company specializing in the development and commercialization of therapies for rare genetic and metabolic diseases. The company focuses on addressing unmet medical needs by leveraging enzyme replacement therapy, small molecule pharmacological chaperones and gene therapy technologies. Headquartered in Novato, California, BioMarin operates research and development facilities in the United States and Europe.

The company’s commercial portfolio includes several approved therapies targeting inherited disorders.